Key Opportunities for Lettings Businesses | Renters Rights Bill
The Renters Reform Bill offers both challenges and opportunities for lettings businesses in the property sector. While it will introduce stricter regulations, it also opens doors for letting agents and property managers to expand their services and enhance their value proposition.
1) Increased Demand for Professional Services:
With more complex regulations, landlords are likely to seek professional support. Agents who are knowledgeable about the new legislation will be in demand to help navigate these changes. Offering fully managed services can attract landlords who are concerned about compliance with the new rules, especially around Section 21 evictions, rent increases, and property standards
2) Mediation and Dispute Resolution:
The abolition of Section 21 ‘no-fault’ evictions means landlords will need to rely on Section 8 for evictions, which can be more complex and time-consuming. This creates opportunities for agents to offer mediation and legal support services, ensuring that relationships between landlords and tenants remain smooth and compliant
3) Revenue from Pet Policies:
The Bill will allow tenants greater rights to have pets in rental properties. Letting agencies can introduce pet damage insurance as an add-on service, providing both landlords and tenants peace of mind. This service could also generate additional revenue for agencies
4) Data Management and Compliance:
The introduction of a Private Rented Sector Database means agents can assist landlords with data entry and compliance by ensuring properties are registered correctly. This offers an additional service agents can charge for, making property management even more integral to their business
5) Maintenance and Decent Homes Standard:
The Decent Homes Standard and Awaab’s Law will impose stricter requirements on landlords to maintain rental properties. Agents with strong ties to local contractors can offer comprehensive maintenance services, ensuring that properties meet the required standards, thus preventing potential fines and penalties
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6) Prevention of Rent Bidding Wars:
The ban on rent bidding wars will push agents to set more accurate market rents from the outset. Agents with strong local market knowledge can demonstrate their expertise to landlords by ensuring that properties are priced correctly, attracting quality tenants without the need for bidding wars
Call to Action:
By staying informed and ahead of these legislative changes, letting businesses can solidify their role as trusted advisors to landlords. This is the time to refine your services, build expertise around compliance, and strengthen relationships with landlords.
If you need help navigating these changes or advice on growing your property business, contact Sally Asling at ProFind Property Recruitment for tailored recruitment solutions and industry insights.
??♀? Sally Asling ?? PROFIND PROPERTY RECRUITMENT ??
?? 0204 583 4941 ?? 07760 787026
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